Frontline plc (NYSE:FRO - Get Free Report) was the target of a significant growth in short interest in November. As of November 30th, there was short interest totalling 7,710,000 shares, a growth of 8.0% from the November 15th total of 7,140,000 shares. Approximately 5.4% of the company's stock are short sold. Based on an average daily volume of 2,430,000 shares, the days-to-cover ratio is currently 3.2 days.
Institutional Investors Weigh In On Frontline
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Godsey & Gibb Inc. acquired a new stake in shares of Frontline during the third quarter valued at about $25,000. Ashton Thomas Private Wealth LLC acquired a new position in Frontline during the second quarter worth $31,000. Summit Securities Group LLC grew its stake in shares of Frontline by 75.0% in the second quarter. Summit Securities Group LLC now owns 1,400 shares of the shipping company's stock valued at $36,000 after buying an additional 600 shares in the last quarter. Blue Trust Inc. lifted its stake in Frontline by 17,866.7% during the 2nd quarter. Blue Trust Inc. now owns 2,156 shares of the shipping company's stock worth $56,000 after acquiring an additional 2,144 shares in the last quarter. Finally, EverSource Wealth Advisors LLC boosted its holdings in Frontline by 4,965.6% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,711 shares of the shipping company's stock valued at $116,000 after acquiring an additional 4,618 shares during the period. Hedge funds and other institutional investors own 22.70% of the company's stock.
Frontline Price Performance
FRO traded up $0.01 during trading on Tuesday, reaching $13.82. The company's stock had a trading volume of 2,979,707 shares, compared to its average volume of 1,991,697. Frontline has a 1 year low of $13.41 and a 1 year high of $29.39. The company has a market cap of $3.08 billion and a price-to-earnings ratio of 5.64. The company has a quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 1.44. The firm has a fifty day simple moving average of $18.86 and a two-hundred day simple moving average of $22.29.
Frontline (NYSE:FRO - Get Free Report) last posted its quarterly earnings results on Wednesday, November 27th. The shipping company reported $0.34 EPS for the quarter, missing the consensus estimate of $0.39 by ($0.05). Frontline had a return on equity of 19.25% and a net margin of 25.64%. During the same period in the previous year, the business posted $0.36 EPS. As a group, analysts anticipate that Frontline will post 1.83 EPS for the current year.
Frontline Cuts Dividend
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Wednesday, December 11th will be paid a dividend of $0.34 per share. The ex-dividend date is Wednesday, December 11th. This represents a $1.36 annualized dividend and a yield of 9.84%. Frontline's dividend payout ratio (DPR) is 55.51%.
Analysts Set New Price Targets
FRO has been the subject of a number of recent analyst reports. StockNews.com upgraded shares of Frontline to a "sell" rating in a research note on Thursday, September 5th. Kepler Capital Markets downgraded shares of Frontline from a "buy" rating to a "hold" rating and set a $15.83 price objective on the stock. in a report on Thursday, December 12th. Fearnley Fonds raised shares of Frontline to a "strong-buy" rating in a report on Friday, September 27th. BTIG Research raised Frontline from a "neutral" rating to a "buy" rating and set a $30.00 price objective for the company in a report on Monday, October 7th. Finally, Jefferies Financial Group reduced their price target on Frontline from $26.00 to $20.00 and set a "buy" rating for the company in a research report on Tuesday. One analyst has rated the stock with a sell rating, two have issued a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $24.36.
Get Our Latest Stock Report on Frontline
Frontline Company Profile
(
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Frontline plc, a shipping company, engages in the seaborne transportation of crude oil and oil products worldwide. It owns and operates oil and product tankers. As of December 31, 2022, the company operated a fleet of 70 vessels. It is also involved in the charter, purchase, and sale of vessels. The company was founded in 1985 and is based in Limassol, Cyprus.
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